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So when does this break crypto and Bitcoin and how to best prepare for this? Is there any way to secure at all?

by r33b33 2y ago

atlanta90210 2y ago
Great question are people predicting we will have enough computing power to "break" bitcoin? How much is needed?
- richwater 2y ago
  You just need enough to poison the blockchain
  - r33b33 2y ago
    So how to prepare, when?
- zamalek 2y ago
  Some portions of bitcoin are immune. Most cryptographic hashes are believed to be quantum resilient, for example.
einpoklum 2y ago
They can break 1-bit-coin. How's that for ya?
LarsDu88 2y ago
If you can break bitcoin, you can also break all the encryption we use for banking and other transactions, so might as well stock up on SPAM and ammo.
- r33b33 2y ago
  It's an on issue, since bank can always switch to face-in-face verification. This is not an argument. Crypto is the problem here.
  - LarsDu88 2y ago
    Beating face verification is quite honestly a far easier thing to break than encryption my friend.
    - r33b33 2y ago
      By "face to face" I mean going to bank on your own two legs physically and talking with the teller. Centralized businesses will not suffer much and will switch. Blockchains will get destroyed due to their immutable nature.
      - mistercheph 2y ago
        Modern banks don't have the personnel bandwidth to physically verify the identity of more than a few tenths of a percent of their customers on a given a day, at that rate it would take them close to a year to physically verify the identities of every customer once. For example BofA has ~70 million customers, 3,700 retail branches, if each has three tellers at any given time of operation (generous at BofA these days, where you'll usually find one) and is open 8 hours a day, and average time to serve a customer is 20 minutes: 3,700 * 3 tellers * 8 hours * 3 customers / hr = 266,400 customers / business day 70 million / 266,400 customers = 263 business days
ogogmad 2y ago
Cryptocoins like Bitcoin only need DSA. Quantum-proof DSAs have been widely known since the 1970s*. Bitcoin only needs to change its DSA - and then everything will be fine. * see Lamport signatures
- r33b33 2y ago
  Can someone fact check this?

So when does this break crypto and Bitcoin and how to best prepare for this? Is there any way to secure at all?

by r33b33 2y ago

So when does this break crypto and Bitcoin and how to best prepare for this? Is there any way to secure at all?

atlanta90210 2y ago

Great question are people predicting we will have enough computing power to "break" bitcoin? How much is needed?

richwater 2y ago
You just need enough to poison the blockchain
- r33b33 2y ago
  So how to prepare, when?
zamalek 2y ago
Some portions of bitcoin are immune. Most cryptographic hashes are believed to be quantum resilient, for example.

einpoklum 2y ago

They can break 1-bit-coin. How's that for ya?

LarsDu88 2y ago

If you can break bitcoin, you can also break all the encryption we use for banking and other transactions, so might as well stock up on SPAM and ammo.

r33b33 2y ago
It's an on issue, since bank can always switch to face-in-face verification. This is not an argument. Crypto is the problem here.
- LarsDu88 2y ago
  Beating face verification is quite honestly a far easier thing to break than encryption my friend.
  - r33b33 2y ago
    By "face to face" I mean going to bank on your own two legs physically and talking with the teller. Centralized businesses will not suffer much and will switch. Blockchains will get destroyed due to their immutable nature.
    - mistercheph 2y ago
      Modern banks don't have the personnel bandwidth to physically verify the identity of more than a few tenths of a percent of their customers on a given a day, at that rate it would take them close to a year to physically verify the identities of every customer once. For example BofA has ~70 million customers, 3,700 retail branches, if each has three tellers at any given time of operation (generous at BofA these days, where you'll usually find one) and is open 8 hours a day, and average time to serve a customer is 20 minutes: 3,700 * 3 tellers * 8 hours * 3 customers / hr = 266,400 customers / business day 70 million / 266,400 customers = 263 business days

ogogmad 2y ago

Cryptocoins like Bitcoin only need DSA. Quantum-proof DSAs have been widely known since the 1970s*. Bitcoin only needs to change its DSA - and then everything will be fine. * see Lamport signatures

r33b33 2y ago
Can someone fact check this?